As growth sputters in the world’s second-biggest economy, its currency has tumbled to a two-year low and looks set for further losses. That’s pushing Goldman Sachs Group to SEB AB to predict shock waves not just in China’s neighbourhood but as far away as Africa and Latin America – with a cheaper yuan hitting other nations’ export appeal and sparking competitive devaluations.
The yuan declined for a sixth consecutive month in August, capping the longest losing streak since the height of the US-led trade war in October 2018. It will fall even more and cross the psychological mark ofIt’s a stunning reversal for a currency that stood out for itsat the outbreak of Russia’s war in Ukraine.
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